SoundHound AI (NASDAQ:SOUN) Stock Price Up 3.8%

SoundHound AI, Inc. (NASDAQ:SOUN) shares rose 3.8% during mid-day trading on Tuesday . The stock traded as high as $6.37 and last traded at $6.08. Approximately 34,307,329 shares were traded during trading, a decline of 43% from the average daily volume of 60,457,078 shares. The stock had previously closed at $5.86.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the stock. Northland Securities reissued a “market perform” rating on shares of SoundHound AI in a research report on Wednesday, February 28th. LADENBURG THALM/SH SH started coverage on shares of SoundHound AI in a research note on Tuesday, January 30th. They set a “buy” rating and a $4.00 target price on the stock. DA Davidson increased their price target on shares of SoundHound AI from $7.50 to $9.50 and gave the stock a “buy” rating in a research note on Friday, March 15th. HC Wainwright lifted their price objective on SoundHound AI from $5.00 to $7.00 and gave the company a “buy” rating in a research report on Monday, March 4th. Finally, Cantor Fitzgerald reissued an “underweight” rating and issued a $4.90 target price (down previously from $5.80) on shares of SoundHound AI in a research report on Wednesday, March 20th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $6.88.

SoundHound AI Stock Performance

The business’s 50 day simple moving average is $4.37 and its two-hundred day simple moving average is $2.82. The firm has a market capitalization of $1.83 billion, a PE ratio of -15.21 and a beta of 2.84. The company has a current ratio of 4.69, a quick ratio of 4.69 and a debt-to-equity ratio of 6.03.

SoundHound AI (NASDAQ:SOUN) last released its quarterly earnings results on Thursday, February 29th. The company reported ($0.06) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.01). SoundHound AI had a negative net margin of 188.57% and a negative return on equity of 1,955.68%. The firm had revenue of $17.10 million for the quarter, compared to the consensus estimate of $17.75 million. During the same quarter in the prior year, the firm earned ($0.15) earnings per share. The company’s revenue for the quarter was up 80.0% compared to the same quarter last year. Research analysts expect that SoundHound AI, Inc. will post -0.29 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Keyvan Mohajer sold 31,665 shares of SoundHound AI stock in a transaction on Friday, March 22nd. The stock was sold at an average price of $6.08, for a total transaction of $192,523.20. Following the transaction, the chief executive officer now directly owns 1,137,831 shares in the company, valued at $6,918,012.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other SoundHound AI news, CEO Keyvan Mohajer sold 31,665 shares of the company’s stock in a transaction dated Friday, March 22nd. The stock was sold at an average price of $6.08, for a total value of $192,523.20. Following the completion of the sale, the chief executive officer now owns 1,137,831 shares in the company, valued at $6,918,012.48. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Nitesh Sharan sold 23,212 shares of SoundHound AI stock in a transaction dated Tuesday, March 19th. The shares were sold at an average price of $8.37, for a total value of $194,284.44. Following the transaction, the chief financial officer now directly owns 751,017 shares in the company, valued at $6,286,012.29. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 410,714 shares of company stock worth $2,598,723. Company insiders own 21.30% of the company’s stock.

Institutional Trading of SoundHound AI

Several institutional investors and hedge funds have recently modified their holdings of the company. HighPoint Advisor Group LLC bought a new stake in SoundHound AI during the fourth quarter valued at about $37,000. Quadrature Capital Ltd lifted its holdings in SoundHound AI by 67.1% in the 4th quarter. Quadrature Capital Ltd now owns 381,557 shares of the company’s stock worth $807,000 after purchasing an additional 153,273 shares in the last quarter. Vanguard Group Inc. boosted its stake in SoundHound AI by 5.1% in the 4th quarter. Vanguard Group Inc. now owns 13,843,982 shares of the company’s stock worth $29,349,000 after purchasing an additional 676,993 shares during the period. Goldman Sachs Group Inc. grew its holdings in SoundHound AI by 13.8% during the 4th quarter. Goldman Sachs Group Inc. now owns 140,485 shares of the company’s stock valued at $298,000 after buying an additional 16,989 shares in the last quarter. Finally, Legal & General Group Plc lifted its holdings in shares of SoundHound AI by 39.1% in the fourth quarter. Legal & General Group Plc now owns 206,595 shares of the company’s stock worth $438,000 after buying an additional 58,047 shares in the last quarter. 19.28% of the stock is currently owned by institutional investors.

About SoundHound AI

SoundHound AI, Inc develops independent voice artificial intelligence (AI) solutions that enables businesses across automotive, TV, and IoT, and to customer service industries to deliver high-quality conversational experiences to their customers. Its products include Houndify platform that offers a suite of Houndify tools to help brands build conversational voice assistants, such as Application Programming Interfaces (API) for text and voice queries, support for custom commands, extensive library of content domains, inclusive software development kit platforms, collaboration capabilities, diagnostic tools, and built-in analytics; SoundHound Chat AI that integrates with knowledge domains, pulling real-time data like weather, sports, stocks, flight status, and restaurants; and SoundHound Smart Answering is built to offer customer establishments custom AI-powered voice assistant.